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Massive stamp duty changes!! In place midnight tonight

gazter
gazter Posts: 931 Forumite
Tenth Anniversary Combo Breaker
in House buying, renting & selling
Stamp duty massive reforms. No longer tiered in the same way. Thresholds as we understand it removed.
«134567…12

Comments

  • gazter
    gazter Posts: 931 Forumite
    Tenth Anniversary Combo Breaker
    Gigantic changes!! Throws housing market into flux!!
  • gazter
    gazter Posts: 931 Forumite
    Tenth Anniversary Combo Breaker
    98% of purchasers pay less!
  • theEnd
    theEnd Posts: 851 Forumite
    Seems sensible. Can't believe it took this long.
    Rates at the higher level look very high!
  • mrginge
    mrginge Posts: 4,843 Forumite
    Bet there'll be a few shall we say 'fiscal readjustments' on rightmove tomorrow morning.
  • jstiff
    jstiff Posts: 57 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    Soooo

    We have just sold ours, and purchased another (sold ours for £131k so buyer subject to £1.3k of tax) and bought ours £245k so we will owe £2.45k tax.

    As neither of us have signed etc, does this mean we may get the changes, or are we tied to the old rates?
  • mrginge
    mrginge Posts: 4,843 Forumite
    Gideon blows labour's mansion tax out of the water in a single shot.
  • Slinky
    Slinky Posts: 11,246 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    jstiff wrote: »
    Soooo

    We have just sold ours, and purchased another (sold ours for £131k so buyer subject to £1.3k of tax) and bought ours £245k so we will owe £2.45k tax.

    As neither of us have signed etc, does this mean we may get the changes, or are we tied to the old rates?

    As I heard it, if you haven't completed yet you have the option of using whichever system benefits you most.
    Make £2025 in 2025
    Prolific £617.02, Octopoints £5.20, TCB £398.58, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £60, Shopmium £26.60, Everup £24.91 Zopa CB £30
    Total (4/9/25) £1573.21/£2025 77%

    Make £2024 in 2024
    Prolific £907.37, Chase Int £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus ref £50, Octopoints £70.46, TCB £112.03, Shopmium £3, Iceland £4, Ipsos £20, Misc Sales £55.44
    Total £1410/£2024 70%

    Make £2023 in 2023 Total: £2606.33/£2023  128.8%




  • BabyBoots
    BabyBoots Posts: 544 Forumite
    jstiff wrote: »
    Soooo

    We have just sold ours, and purchased another (sold ours for £131k so buyer subject to £1.3k of tax) and bought ours £245k so we will owe £2.45k tax.

    As neither of us have signed etc, does this mean we may get the changes, or are we tied to the old rates?

    The chancellor said it will take effect from midnight tonight (subject to vote in next 24 hrs), so if you've not completed yet, you'll be under the new rules. In practice, you'll save £50.
  • BabyBoots
    BabyBoots Posts: 544 Forumite
    Slinky wrote: »
    As I heard it, if you haven't completed yet you have the option of using whichever system benefits you most.

    The chancellor said if you complete today you can choose either system. Otherwise it's the new system from tomorrow.
  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 3 December 2014 at 2:05PM
    EDIT: Quoted from the Telegraph but they got it wrong. Corrected version below:
    Osborne saves his big surprise for last. He has scrapped the single slab rate system on stamp duty. From midnight tonight each rate will only apply to the part of the property price that falls within that band. The new bands will be:

    0% on first £125k
    2% on portion above £125k to £250k
    5% on portion above £250k to £925k
    10% on portion above £925k to £1.5m
    12% on portion over £1.5m
This discussion has been closed.
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